The Real has stalled and seems likely to pull back as the end of QE II nears.

The Aussie $ just keeps climbing. A rate of ascent such as this is rarely sustained for long.

UK growth was better than expected and the Pound has broken decisively higher.

Gold made fresh new highs as the dollar continues to sink. Way, way overbought but not likely to correct much absent a better dollar environment.

Gold stocks have not followed the metal higher. This is probably due to higher energy costs crimping margins.

The REIT rally rolls on. Hard assets of all stripes are rallying and real estate is no different. Well, not your house of course...

Where will crude oil peak? I have no idea; there is basically no resistance until the all time high.

International real estate has joined the party. Inflation is not a US phenomenon.

Natural gas had another good week. I initiated a small position last week. Resistance is right here at the 200 day MA.

The US dollar is the culprit in this great commodity rally. There is support at the old low but that is it. Bernanke may favor a strong dollar but he isn't getting it.

The weak dollar has pushed foreign bonds to new highs. Like the dollar this trend is very extended and I am not looking to add to positions.

Emerging market bonds are also moving higher. I've pointed out this trend for several weeks now and it is accelerating.

Intermediate munis broke decisively over the 200 day MA but are extended to the upside.

TIPS made a nominal new high.

Long term Treasuries appear to have establised an uptrend. This may accelerate as QE II comes to an end.

Emerging market stocks have stalled at the old high. Inflation is a huge problem but the end of QE II might relieve some of the pressure.

Peru bounced back some as polls show a tight race for President. There is also hope that Humala will rule more like Lula than Chavez.

Consumer staples are leading the market; probably not a good sign for the bull market.

Utilities, another defensive sector, is breaking out too.

Lastly, healthcare - yet another defensive sector - is also rallying.